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Empyrean Diagnostics Inc.

This article was originally published in The Gray Sheet

Executive Summary

Agrees with Rilldale Ltd. of London, England, to share ownership of a new Swiss company with a 99-year license to manufacture and distribute EDI's proprietary HIV-1 test kit in Western Europe and Turkey. Rilldale, which "has committed a minimum of $2 mil." to the new company, will bear all start-up costs and oversee day-to- day operations. Empyrean, a U.S. subsidiary of Vancouver, British Columbia-based Socal Capital ("The Gray Sheet" Oct. 19, p. 9), will receive royalties on a per-item basis from the new firm, will receive a percentage of its gross sales, and will split the new company's net profits with Rilldale. Empyrean President and CEO Daniel Bland "is confident" that the Swiss firm will sell 25 million test kits at roughly $1.50 per kit by the end of 1994.

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